A yacht is a major investment. In addition to the purchase price, ongoing maintenance and storing a yacht can be costly. It is imperative that yacht owners protect their investment with adequate insurance coverage.
Any type of damage to a yacht could require specialized repairs. Getting a valuable yacht repaired is not like getting a car repaired. There is not an abundance of service companies that are qualified to repair yachts. Having insurance will help assure that you can get any type of repairs taken care of.
Safeguard Yourself Against Liability
If your yacht should strike another vessel or a marine structure such as a dock, the damage may be significant. Yacht insurance can help address damage that your yacht causes to a third party.
Store Your Yacht Securely
A marina’s insurance policy generally will not cover damage to individual vessels. Marinas typically require that people who own or rent slips carry a certain level of liability insurance as a condition of their occupancy agreement. Marinas may also ask to be listed as an additional insured or an interested party on an insurance policy.
Ultimately, yacht owners should work with an insurance company that is experienced in serving clients who need policies for valuable vessels. A knowledgeable insurance representative can help you build a policy that fully meets your needs.